Kathleen H. Moriarty

Latest Publications

On December 18, New York State Department of Financial Services (DFS) Superintendent Benjamin Lawsky delivered remarks on the revised BitLicense framework at the Bipartisan Policy Center in Washington, DC. If adopted, the...more

On December 16, the Conference of State Bank Supervisors (CSBS), a state banking watchdog group, released a draft model regulatory framework on virtual currency (Draft Framework) that is less stringent than the originally...more

On December 5, the New York State Department of Taxation and Finance (DTF) issued the memorandum “Tax Department Policy on Transactions Using Convertible Virtual Currency.” The memorandum clarified that under New York law,...more

On December 8, the Securities and Exchange Commission sanctioned a computer programmer for operating two online exchanges that traded securities using virtual currencies without registering them as broker-dealers or stock...more

On December 3, the New York State Department of Financial Services (DFS) published all 3,746 public comments it received on the proposed “BitLicense” regulatory framework that would cover businesses participating in “virtual...more

In recent months, US federal and state regulators have continued to focus on Bitcoin and the adoption of a regulatory framework for it and other "virtual currencies," as well as the enforcement of existing securities laws to...more

On October 29, Norm Champ, the director of the Securities and Exchange Commission’s Division of Investment Management, spoke before the SIFMA Complex Products Forum in New York. In the speech, Mr. Champ discussed SEC staff...more

The Securities and Exchange Commission has noticed Eaton Vance Corp.’s exemptive order application (Eaton Vance Notice) to offer a novel form of mutual fund that includes certain elements of an exchange-traded fund (ETF) to...more

The Division of Investment Management (Division) of the Securities and Exchange Commission took an unprecedented action on Wednesday in issuing a preliminary denial to two exemptive relief applications under the Investment...more

In this issue:
- Delaware Court of Chancery Rejects Controlling Stockholder Claims and Applies Business Judgment Rule to Merger Suits
- FINRA Remarks at the National Society of Compliance Professionals...more

The Global Markets Advisory Committee of the Commodity Futures Trading Commission held a public meeting on October 9, in which one panel addressed Bitcoin. The meeting focused on informing the staff regarding basic...more

According to Reuters reports on September 12, TeraExchange, LLC, received approval from the Commodity Futures Trading Commission to begin listing an over-the-counter swap that is based on the price of a bitcoin. ...more

On August 19, Judge Jed S. Rakoff of the US District Court for the Southern District of New York issued a ruling in the case of Robert Faiella, holding that bitcoins are “money,” citing the plain meaning of the term in The...more

The US Consumer Financial Protection Bureau (CFPB) released an advisory on the risks of virtual currencies. The advisory was issued two months after the Government Accountability Office requested that the CFPB look more...more

On July 17, the New York State Department of Financial Services (DFS) issued proposed regulations delineating a license process for certain businesses involved in Bitcoin and other virtual currencies (Proposed Rules). The...more